February 10 (SeeNews) - Bulgaria’s Drujba Glassworks [BSE:4DR] said that Portuguese group BA Vidro has launched a buyout bid for the remaining 405,652 shares in the company it does not already own.
The offered price is 3.7 levs ($2/1.9 euro) per share for the stocks representing 0.76% of the company’s capital and voting rights, Drujba Glassworks said in a filing to the Sofia bourse on Thursday.
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BA Vidro has launched the buyout bid through its wholly owned Cyprus-based subsidiary Bareck Overseas.
The deadline for accepting the offer is 28 days from the date the offer is published in two dailies with nationwide circulation.
Even if the buyout bid is not accepted by all minority shareholders, the company still intends to file with the Financial Supervision Commission to be delisted from the country’s register of publicly traded companies register, according to the filing.
In October 2016, Greek glassmaker Yioula agreed to sell its Bulgarian unit Drujba Glassworks to BA Vidro as a part of a wider divestment plan that also includes the group's glass container business in Romania.
Drujba Glassworks has two glass container plants in Bulgaria - in Sofia and Plovdiv.
Drujba Glassworks shares were last traded on Monday, when they closed 1.54% higher at 6.6 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)